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Auditor: Fletcher ends FY24–25 with higher fund balance; no areas of concern noted
Summary
The town auditor reported an increase in cash and fund balance for FY24–25 and said the town is well above its fund balance policy minimum; auditor found no areas of concern in the year‑end review.
Carol Avery, the town auditor, presented the FY24–25 audit summary to the council, reporting higher cash and fund balances and no audit exceptions.
Key figures presented by the auditor include approximately $11.22 million in general‑fund cash at year‑end (an increase of about $612,000 from the prior year), total assets of approximately $12.58 million (an increase of about $951,000), and a net increase in fund balance of roughly $934,000. Total general‑fund revenue was reported at about $10.05 million, with ad valorem collections up roughly $78,000 year‑over‑year and land‑use permit receipts down compared with the prior year. The town’s available fund balance was reported at about 120.55% of general‑fund expenditures, well above the town’s policy minimum of 45%.
Avery said the town had no areas of concern in the audit. Council members and staff praised Finance staff for thorough records and accounting practices. Staff will place fund‑balance options on a near‑term agenda to discuss eligible uses of the excess unassigned fund balance (sewer work was cited as one possible use).
The audit presentation was informational; council accepted the audit materials and directed staff to bring a fund balance options report to a future meeting.
